Baby-kissing campaign season has begun, and here’s a photo of incumbent state Treasurer Walker Stapleton and his daughter, Olivia, last October. (Catherine R., Baby Luxe Photography)

There are two parts of the campaign season when money matters most: the beginning and the end. The quarterly fundraising numbers for Colorado’s down-ticket races due at midnight Monday, then, are the half-time show.

Big money at the beginning of a race can frighten away would-be challengers. At the end, dollars often power the late-game heroics.

Incumbent Walker Stapleton is having no problems amassing money from Republican backers for his state treasurer’s race. The Colorado cousin to the Bush political dynasty started the quarter with $434,088 and picked up another $153,339 in cash donations over the last three months. He spent $76,255, leaving him with $511,072 headed into the summer’s campaign to define candidates and issues.

Democratic challenger and former congresswoman Betsy Markey did well, but not nearly as well as her November opposition. She started the quarter with $95,056, raised $138,001 and spent $42,982. That leaves her with $189,325.

Markey said Tuesday afternoon that “money makes a difference in all races, but it’s not the only thing.”

She noted that family affairs took her off the campaign and fundraising trails in December, but now things are gaining momentum. To borrow another sports analogy, when you peak is as important as how high you peak.

“What we’re having to do is depend on a grassroots efforts,” Markey said. “It’s going to be hard to match the maxed-out contributions my opponent has.”

If money is a measure, then Democrats need to pony up to put Markey in the treasurer’s seat, or make up the difference with street-level campaigning. I. Like I said, it’s only halftime, and anything can still happen. Look at the Denver Broncos. In 2012 they trailed the San Diego Chargers by 24 points at halftime, and Peyton Manning engineered a 35-24 comeback win on the road. On the other hand, the Broncos trailed 22-0 at the half in the Super Bowl this year, and Denver ultimately lost 43-8.

Not as exciting, but if you prefer I stick to politics, then call Scott Gessler Colorado’s comeback kid. (Sorry, Peyton.) At this juncture four years ago, the eventual secretary of state was losing big time at the donation box. Democratic incumbent Bernie Buescher had $85,221 to Gessler’s $25,331. In November, Gessler won at the ballot box by more than 7 percentage points.

With Gessler in the governor’s race this year, El Paso County Clerk and Recorder Wayne Williams could have to match his fellow Republican’s feat.

Williams’ campaign picked up momentum in the last quarter. He started with $8,572 and collected $60,736 in donations, spent $23,467, leaving him with $45,843 on hand, according to his campaign finance report. His challenger, University of Colorado Regent Joe Neguse, has nearly three times that amount, $150,108. He had $97,578 at in January, raised $81,194 and spent $27,840.

Like Gessler before him, Williams said he’s taking his message directly to the voters, traveling more than 10,000 miles, so far, “earning the support of Coloradans for my secretary of state campaign and learning about about what issues matter most to them.”

Neguse’s campaign drew comparison’s to Buescher — that this Democrat raised even more than the last one trying to win the secretary of state’s race.

“Over the course of the campaign, Joe has received contributions from over 1,300 individuals, demonstrating the wide appeal of his vision for the secretary of state’s office,” said his campaign manager, Elisabeth Mabus.

Neguse stated, “This grassroots campaign is working to return integrity and transparency to the office.”

In the attorney general’s race, it’s the Democrat with the big lead in dollars. Don Quick, the former Adams County district attorney and lone Democrat to seek the office this year, started the quarter with $154,707. He raised another 91,278 and spent $39,734. Until last week, Republican Cynthia Coffman was competing with state Rep. Mark Waller from Republican-rich Colorado Springs. Waller dropped out on April 28.

Coffman starts the next quarter with $58,138 — or 28 percent of Quick’s bank account. She started the quarter with $72,890, raised $58,826 and spent $71,578.

The next quarterly report could be key as the internal polls show where cash is needed and the best measure of intra-party support is taken headed toward November. Without a boost over the next three months, candidates could be scrambling to finance media buys, yard signs and phone banks in the run up to Election Day. Otherwise, they will be knocking on a lot of doors in October.

Joey Bunch has been a reporter for 28 years, including the last 12 at The Denver Post. For various newspapers he has covered the environment, water issues, politics, civil rights, sports and the casino industry.